Shares of warehouse operator Global Logistic Properties fell as much as 5.5% to a two-week low on Thursday after the Singaporean firm said it will raise $414.4 million by issuing new shares in a private placement.
By 9:08 a.m., GLP shares were down 4.8% at $2.59, with over 4.3 million shares traded, making it the second most actively traded stock by value.
GLP said it would issue 160 million new shares at $2.59, which will help partly fund its acquisition of Brazilian logistic assets.
The Singapore-listed warehouse operator said on Wednesday it would form joint ventures with the Canada Pension Plan Investment Board, China Investment Corp and Government of Singapore Investment Corp to buy Brazil assets worth around US$1.4 billion ($1.7 billion).
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